Australians Say Home Ownership Means Happiness
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Australians Say Home Ownership Means Happiness

A new report shows 70 percent of Australians feel that owning a home contributes to their personal happiness in life.

By Bronwyn Allen
Thu, Jan 4, 2024 10:47amGrey Clock 2 min

Most Australians feel that home ownership is important for their overall happiness, providing not only a sense of financial security but also contributing to their emotional wellbeing. Those are the findings of a research report undertaken by the customer-owned Great Southern Bank.

The research contains insights from almost 2,000 Australians on how they’re feeling about their current living situation. It found homeowners are significantly happier with their homes than renters, and the more equity they have in their homes, the happier they feel. Happiness is highest for mortgage-free homeowners, with 57 percent saying they were ‘very happy’ compared to 45 percent of homeowners with a mortgage and 29 percent of long-term renters.

Megan Keleher, Chief Customer Officer at Great Southern Bank, said: “What this report illustrates is the strong link between home ownership and happiness – in fact 7 out of 10 Australians say home ownership is important to their overall happiness,” Ms Keleher said. “Just 5 percent – or one in 20 – say it is not at all important. And perhaps not surprisingly, happiness with our home increases as we get older, and as we move towards becoming mortgage-free.”

The report found that 51 percent of renters are feeling heavily burdened by their financial commitments compared to 36 percent of homeowners. About 84 percent of long-term renters say they are concerned about current cost-of-living pressures compared to 73 percent of homeowners. And 80 percent are worried about housing affordability compared to 62 percent of owners.

Ms Kelaher said 29 percent of renters and 18 percent of long-term renters were still feeling confident that they could achieve their home ownership dreams. One in two renters said they were hopeful of buying a home to live in within the next three years, however saving a deposit is the key barrier.

“Of course, we acknowledge that the homeownership journey can be difficult and one of the biggest challenges faced by first home buyers is saving a deposit,” said Ms Keleher. “For those buyers who are finding it difficult to save a deposit, there is support available from several government initiatives. For instance, the Federal Government Home Guarantee Scheme’s expanded eligibility criteria is helping more first-time buyers, as well as those who haven’t owned a home for many years.”

One in 10 respondents who had previously planned to buy a home are now holding off, saying they feel deterred by rising property prices (60 percent), the cost of living (60 percent) or rising interest rates (45 percent). New CoreLogic data shows the national home value rose by 8.1 percent in 2023. Meantime, interest rates have risen dramatically since May 2022 from an emergency low of 0.1 percent to 4.35 percent today.

The report also asked respondents how satisfied they were with various elements of their homes, such as style and location.

About 72 percent of baby boomers were happy with their home’s location compared to 61 percent of Gen Xers, 58 percent of millennials and 48 percent of Gen Zs. About 62 percent of baby boomers liked the internal look and feel of their homes versus 51 percent of Gen Xers and 48 percent of both millennials and Gen Zs.

It appears many Australians are living in homes that are too big or small for them, with the size of homes recording some of the lowest satisfaction scores. Just 65 percent of baby boomers are happy with the size of their homes compared to 48 percent of Gen Xers, 42 percent of millennials and 40 percent of Gen Zs.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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It’s a slam dunk as a covetable $2m KDR site complete with basketball court hits the market in the Hills District

The ball is in the buyer’s court with this knockdown/rebuild opportunity

By KANEBRIDGE NEWS
Tue, Apr 18, 2023 2 min

Glenhaven in Sydney’s Hills District is one of those areas that locals tend to keep to themselves. Leafy with large blocks on offer, the suburb takes its name from its valley location, with the northern end originally known as the Glen and the southern end called the Haven. 

En route from Parramatta to the Hunter, Glenhaven has become an ideal place for growing families in search of a little more space, or even room to house several generations under one roof.

The challenge is finding properties that tick all the right boxes.

As demand for trades and supply chain issues continue to ease, now could be the right time for a knockdown/rebuild project for would-be buyers looking to create their dream home.

Fairmont Homes specialises in knockdown/rebuild projects in Sydney. General manager at Fairmont Homes, Daniel Logue, said there are key features to look for when choosing a knockdown/rebuild site.

“The key items we look for are the site falling to the street, not to the rear, to help with stormwater drainage as well as access to the site,” he said. “Neighbouring property front setbacks are also important. In some older areas, the older houses are set closer to the street, meaning your new home will have to be set to suit.

“Value for money and the return on the end sale price of the home is another issue.”

If possible, he said designing a home that meets the criteria of the Complying Development legislation will speed up approvals considerably.

While suitable knockdown/rebuild sites can be hard to find in Glenhaven, there are still hidden opportunities if you know where to look.

One block at 158 Gilbert Road, Glenhaven is ideally suited for rejuvenation. With almost 850sqm to play with, it slopes down to the street and sits between neighbouring properties that have already been stylishly updated.

 

 

An existing basketball court at the rear could provide the perfect teen backdrop to a family home, or it could make way for a larger house with landscaped gardens and pool. Alternatively, it could be the perfect position for a cabana or granny flat to serve as in-law accommodation or a source of secondary income.

With recent sales of completed homes in nearby streets reaching well above $5 million, it’s a great opportunity to make a slam dunk of a buy into one of Sydney’s best kept secrets.

Address: 158 Gilbert Road, Glenhaven
Price guide: $1.8 million
Inspection: By appointment only

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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